I am unsure if Malaysia would even be an attractive place to retire in a couple of decades.

One good thing about Singapore though - the Singapore dollar keeps appreciating vis-a-vis the Malaysian ringgit year after year.

Assuming you retire in a couple of decades, it would not surprise me if a Singapore dollar can be exchanged for more than 3 Malaysian ringgit then.

This post has been edited by SPS: Jun 19 2008, 07:57 PM

Well, some of the folks here might want to indulge in an occasional purchase of a few desired luxury items rather than merely saving every penny that they earn beyond paying for the essentials.

The much lower income tax rates in Singapore vis-a-vis Malaysia and the relatively lower cost of living certainly helps a worker to save much more by being employed in Singapore compared to working in Malaysia. The year-on-year appreciation of the Singapore dollar versus the Malaysian ringgit also incentives folks like yourself to continue to be employed in Singapore for the rest of your working life.

If you continue to do that, you will be a wealthy man by the time you retire and move back to Malaysia - in all probability in a couple of decades or so, your net worth will have multiplied by at least three times when you cross the johor straits!

It's a balance i.e. indulging in a quality handbag or taking a vacation is part of an internal reward system - as long as it's done well within your financial means and you do not need to go into debt or deplete your savings considerably just to support your shopping sprees.

One thing's for sure - I would not equate paying exhorbitantly high interest rates on credit card debt being a happy state.

It seems that the majority of young people nowadays have little if any knowledge of financial planning and investment.

No wonder the banks are earning big bucks from all the credit card suckers out there.

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Added on June 20, 2008, 1:43 pmIf one intends to work for a long while in Singapore, it only makes perfect financial sense to purchase a flat or a condominium unit rather than be subject to the whims and fancies of greedy landlords.



This post has been edited by SPS: Jun 20 2008, 01:43 PM

I am not a resident of Singapore so my opinions may be clouded but from some casual observations, I noticed that the majority of the returnees to Malaysia from Singapore are the blue-collar and non-graduate folks (e.g. cooks, telephone operators, admin clerks, etc) whereas the graduates or those who work as professionals tend to remain in Singapore more often than not - even if some of these professionals do move out of Singapore, they gravitate to more lucrative posts in countries like Hong Kong or in the Middle East.

This is merely my opinion but if one wishes to achieve wealth, be a cash millionaire, have financial independence or whatever permutation you make out of hitting your financial goals and wish to be employed in a professional or in a white-collar capacity, I believe Singapore provides the best environment and opportunities to do just that despite all its warts and quirks.

In short, if you already are or aspire to be a medical doctor, lawyer, engineer, accountant, IT professional, media, advertising, etc and achieving wealth in the shortest possible time in your profession is the name of the game, Singapore's the place to be at.

A huge attraction of Singapore to working Malaysians (besides $$ and the exchange rate) is the geographical proximity of Singapore to Malaysia.

I am aware there are a large number of Malaysians who work and live in Singapore and visit their families and friends back in their hometowns in Malaysia on a periodic basis. After all, it's just several hours by car, bus or train and if you take a flight to say KL, it's only 45 mins away.

Isn't that too generic a question? What sort of business?

I don't believe for one instance that Singapore is a conducive environment for work-life-balance, the entire social system is geared to being hyper competitive and laidback lifestyles are frowned upon by the vast majority.

I can't comment regarding businesses in Singapore but for working professionals, the career advancement and pay packets for them in Singapore far and away outstrip anything offered in Malaysia except for maybe the very top job positions.

The Singaporean residents in this forum would be in a better position to answer you.

What childish nonsense.

kunyit kampung must be one of those deluded fools who fantasize about Singapore being part of Malaysia. I suspect he is one of those ketuanan melayu types.

Being a "stingy ass" and being prudent are two differernt things - something youngsters should ingrain in their heads if they wish to live comfortably instead of being in perpetual credit card debt.

There are many foreigners in Singapore who work their butts off and save lots - solely due to sheer hard work and prudent expenditure.

Have a Singaporean girlfriend? LOL, you will dig a bigger hole in debt if you do that!

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Added on June 23, 2008, 10:31 amLook at the number of high-profile positions held by Malaysians or ex-Malaysians in Singapore:

1. Former CEO of SIA and current chairman of OCBC is an ex-Malaysian who was headhunted for in the late 1970s
2. Minister of Health hails from Penang
3. Several judges are ex-Malaysian
4. 25% of the law faculty in NTU are Malaysians/ ex-Malaysians


I have several friends who are surgeons, GPs and pharmacists who moved to Singapore and have done very well for themselves and their families.

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Added on June 23, 2008, 10:32 amThat's too generic a question.

It solely depends on your lifestyle and your commitments.

This post has been edited by SPS: Jun 23 2008, 10:33 AM

Singapore is particular about the quality of degrees and certifications for professional jobs so it's a yes to your question.

An example would be that the Singapore legal council does not recognize "twinning degrees" from Malaysia and hence some Malaysian lawyers who work in Singapore are forced to downgrade to the level of paralegals.

This post has been edited by SPS: Jun 23 2008, 11:19 AM

That's only for the legal profession and only for lawyers who intend to do chambering and be called to the Singapore bar.

For the IT profession, it does not matter so much if you possess relevant experience and knowledge. But for fresh graduates, a quality degree definitely goes a long way.

What the heck is a robotic nerd?

You work to earn a living regardless of locality.

I find your statement utter rubbish.

I suppose the phrase "robotic nerd" was meant to mock those who spend long hours toiling at the office, factories and ports.

As you rightly put it, at the end of the day take a look at your paycheck and note the difference in the exchange rate and the big increase in savings compared to when you were working in Malaysia previously; that is assuming your spending habits have not changed.

I have a bachelor friend in his 30s who hails from KL but currently works and resides in Singapore. Travels around the region a fair bit in his role as a regional account manager. Moved to singapore last year - reason given that he was fed up of the rising cost of living and the lower pay in KL even though he was earning RM five figures per month.

Found his current job via a headhunter, sold his car, packed his bags and moved to Singapore - he told me that his monthly savings now exceeds his entire gross salary while he was in Malaysia (mind you, his last pay in KL was something like RM13K per month). He takes public transport so that certainly helps him to save a lot and the income tax rate is much lower for him as well (11% vs the 28% tax rate he was slapped with while working in Malaysia). Assuming he saves RM14K per month, that's RM168K per year and that does not even take into account his commissions and bonuses yet!

Work a few more years and he'll have more than million ringgit of cold hard cash.

Your statement is flawed.

Talent will always flow to places where such folks are rewarded and appreciated - which is exactly what Malaysia is encountering, a massive brain drain.

Malaysia ain't anywhere near the top of the list of such countries.

The exchange rate between the Singapore dollar and the Malaysian ringgit hit 2.429 today.

Great news for the people here who earn Singapore dollars.

At the rate the economy is deteriorating in Malaysia, I won't be surprised if one Sing dollar fetches 2.5 ringgit by the end of this year.

http://www.xe.com/ucc/convert.cgi

They update it a few times a day.

Now it's back down to 2.39938

I have doubts about your claims of being offered a car, high pay and a luxury condominium for accomodation.

For someone who is looking for a part-time degree to pursue, this does not resonate with Singapore's workplace reality (click on link below as per your earlier post).

http://forum.lowyat.net/index.php?showtopic=377516&hl=

Also, such benefits are offered only to expatriates who make up part of the top corporate management in Singapore (the regional directors, the CXOs, etc).